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Gold surges as stocks tumble

Category: News and Notes- fhuff- 1:11 pm/ August 18, 2011

Many investors are pouring money into gold as stocks continue their free fall. Gold futures climbed as high as $1,829.70 an ounce on April 18, 2011, before falling back to $1,821.80 later in the day. Meanwhile, the stock market continued its decline, raising more concern that the U.S. economy is heading to another recession. The Dow Jones industrial average was down more than 460 points in late trading, and the VIX index, which measures volatility in the stock market–also known as the “fear index”–surged, according to MSNBC.

Despite all the worry about what is happening with the global economy, it is best not to get off track from a savings plan–or start a savings account if you don’t have one. Building up an emergency savings fund could help you feel more confident about your own finances even as the economy struggles. Shop around to compare savings accounts to find the right product for you. Unfortunately, savings rates are still low, but earning a little interest on your money is better than earning nothing. And at least you’ll know you have a cushion to fall back on while toughing out this economy.

Disclaimer:This content is not provided or commissioned by American Express. Opinions expressed here are author's alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through American Express Affiliate Program.

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